Tekever raises $580 million as investors back Ukraine-honed defence tech firm

Sept 23 (Reuters) - European ‌autonomous systems ​developer ​Tekever said on Wednesday it had raised $580 million in the first close ‌of a Series D funding round led ⁠by UC Investments and Baillie Gifford, valuing the defence ‌technology company at $6.4 billion.

Tekever ‌said it would use the funding to expand internationally, increase manufacturing and technology capabilities, pursue ​acquisitions and accelerate development of AI-powered autonomous systems.

Founded in Portugal in 2001 and now ⁠headquartered in Britain, Tekever has expanded as European governments ramp up ​defence spending and seek to build military technology capabilities closer to home.

It has ​been among a small ‌group of European defence technology firms to convert operational experience in Ukraine ⁠into long-term military programmes, exemplified by its recent selection for the British Army's CORVUS drone surveillance programme following more ⁠than 50,000 operational flight hours flown in Ukraine since ​2022.

Chris Evdaimon, an investment manager at Baillie Gifford, said Tekever's software-centric model and operational experience had helped it ‌rapidly translate technology into deployable capabilities.

The company has sought to position itself ‌as a provider of autonomous surveillance systems rather ⁠than solely a ‌drone manufacturer, combining ​aircraft, software and intelligence services.

($1 = £0.7523)

(Reporting by Maria Rugamer in Gdansk, editing by Milla ‌Nissi-Prussak)

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